Page:Oregon Historical Quarterly vol. 6.djvu/135

129 ORIGIN OF PACIFIC UNIVERSITY. 129 1877 Henry Failing, and in 1878 Rev. Myron Eells. The selection of men was carefully made, different religious denominations were represented, both professional and business men were chosen. Many of the younger and rising business men of the neighboring city of Portland were placed on the board and gave to the work their care- ful attention. The board had among its members not only those who understood what a college should be, but also skilled men of affairs who understood how to pursue a cor- rect financial policy. Scrupulous care was taken to keep intact the funds contributed and to see that they were as- signed to the objects which the donors desired. Money was not used for current expenses, but the principle of perma- nent endowment was firmly established. The early treas- urers, A. T. Smith, T. Naylor, President Marsh, and Pro- fessor Lyman, though they had less funds to handle, had done their work well. The later treasurers, H. W. Corbett, W. S. Ladd, and Henry Failing, as practical men of affairs, were able not only to preserve intact the funds, but by wise investment to increase them. Mr. Corbett and Mr. Failing were both from the State of New York, came to Oregon as young men to make their fortunes and had been successful. Mr. Ladd was from Vermont, the State that furnished so many of the early founders and had established the first banking house in Oregon. Mr. Corbett served as treasurer until his election to the United States senate in 1866, and always afterward used his influence in favor of the institution's financial welfare, giving largely of his own means. Mr. Failing served until his death in 1898, when he was succeeded by Mr. Frank M. Warren, a son-in-law of Doctor Atkinson. To the affairs of the institution Mr. Failing gave the same care that he bestowed on his own business. The accounts of the institution were even kept in his own handwriting. He was sensitive in his desire that every fund should be